It states your wishes for your property and minor children if any for after you pass away. See below for the basics. Step by Step Checklist. State Law Specific. Personal Guidance. For the purposes of this Will, any reference to my children includes Robert Ezekiel Arellano, Benjamin Lucas Arellano and Alaina Rosemarie Arellano, as well as any child of mine born or adopted after the execution of this Will.
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I have the following children:. My Executor shall be authorized to carry out all provisions of this Will and pay my just debts, obligations and funeral expenses. If a named beneficiary to this Will predeceases me, the bequest to such person shall lapse, and the property shall pass under the other provisions of this Will. If I do not possess or own any property listed above on the date of my death, the bequest of that property shall lapse. The Trustee's Duties: The trustee shall hold the trust property for the benefit of the child and may distribute, to the extent the trustee deems necessary, income or principal of that child's trust to provide for the child's education, health, maintenance, and support. I further authorize the trustee to exercise discretion in deciding whether to make a distribution for the benefit of any child by considering the child's other income, resources, and sources of support. I direct the trustee to accumulate and to add to the principal of each trust any and all trust income that the trustee has not distributed to the child.
Wills and trusts are important legal documents that are used to decide how your assets will be distributed upon your death. It is important to understand the difference between a will and a trust and to know your options in the matter. Solid legal counsel is is of the utmost importance and much deserved when you desire a well-drafted, solid legal document that will ensure your family and your estates protection. A will, also known as a last will and testament, is a written set of instructions that specify how you want your assets distributed upon your death.
Why Organizations Need Financial Wellness. So how do wills work, anyway? Do you just scribble something down on a sticky note? Write a letter and hope someone can read your handwriting?